Active discussions

Please or to access all these features

Talk
AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To believe that if Labour wins we wont be hit with 98% taxes?

231 replies

DistinguishedSocialCommentator · 19/04/2024 15:01

And the other day one of the Labour lot let slip taxing pensioner more than others

A bit of Labour what they say and do - the 98% tax

You an Google the 98% tax if you dont want to read the link

AIBU not to trust the Labour lot just like I dont trust the Tories

https://www.adamjwalker.co.uk/business/are-you-ready-for-labours-tax-bombs/

Are you ready for Labour’s Tax bombs? | Adam J Walker & Associates Ltd

When I started work in 1979 , the top rate of tax was 98%: 83% income tax plus a 15% surcharge on investment income. If you don’t believe me then Google it! I wasn’t earning enough in those early days to pay this tax rate myself but my boss was and he...

https://www.adamjwalker.co.uk/business/are-you-ready-for-labours-tax-bombs

OP posts:
Thread gallery
8
leamington66 · 19/04/2024 21:24

Imgoingandnevercomingback · 19/04/2024 21:01

I guess I was using it as an example to show that everyone contributes and everyone should contribute a fair share to the public pot.

Show quote history

And how much tax does he pay?

Imgoingandnevercomingback · 19/04/2024 21:01

leamington66 · 19/04/2024 20:32

Jeff Bezos is American not British. His salary last year was a little over $80k. His wealth comes from Stock not pay.
The US entrepreneurs tend to borrow against stock rather than draw income.

Show quote history

I guess I was using it as an example to show that everyone contributes and everyone should contribute a fair share to the public pot.

Original poster
DistinguishedSocialCommentator · 19/04/2024 21:00

Credit where credit is due

Labour plan to keep our nuclear deterrent, a good U turn but the cost is billions
Lab intends to massively improve the NHS, education, police forces, roads, public transport and more. The money's going to come from 😂😂

Yes, that is right, the money is going to come from, cloud cuckoo land and millions have already fallen for that

OP posts:
Original poster
DistinguishedSocialCommentator · 19/04/2024 20:53

DameKatyDenisesClagnuts · 19/04/2024 18:46

Becoming more convinced by the day that the OP is Liz Truss

That is the most offensive insult anyone ever on any forum has ever posted at me.😡

OP posts:
leamington66 · 19/04/2024 20:32

Imgoingandnevercomingback · 19/04/2024 20:22

Exactly. And once you get over a certain amount you have enough for a pretty luxurious life anyway. It’s fair. Especially as most people make high amounts based on other people’s hard work. Jeff Bezos relies on thousands of workers who are paid a pittance.

Show quote history

Jeff Bezos is American not British. His salary last year was a little over $80k. His wealth comes from Stock not pay.
The US entrepreneurs tend to borrow against stock rather than draw income.

Imgoingandnevercomingback · 19/04/2024 20:22

determinedtomakethiswork · 19/04/2024 16:45

You do realise that taxation is on a sliding scale don't you? So the first £12,500 is tax-free then the next bit is 20% going up to 45% and then up to 50% for anything you earn over about £125,000. That isn't 50% of everything you earn, just everything you earn over that amount.

If you really think that any government is going to recommend taxing everybody 98% of their wages then I think you're too stupid to vote quite frankly.

Exactly. And once you get over a certain amount you have enough for a pretty luxurious life anyway. It’s fair. Especially as most people make high amounts based on other people’s hard work. Jeff Bezos relies on thousands of workers who are paid a pittance.

MidnightPatrol · 19/04/2024 20:18

@DramaLlamaBangBang it’s marginal tax rate.

So other countries pay more on average.

And - in countries like Sweden they don’t have an enormous tax free allowance - so lower paid people are taxed more, but receive more benefits.

DramaLlamaBangBang · 19/04/2024 20:17

The thing is, if we are the 4th highest taxed country in the world, who is above us? Im guessing its out of Finland, Sweden, Denmark and Norway? Those countries have top notch services and infrastructure. Their populations don't mind paying high taxes so much because they can see the tangible benefit of their taxes being used for their benefit. What do we have? Public services cut to the bone, sewage flowing into the sea, creaking infrastructure, non working poorly resourced public services. Where is the money going? I think we can take a guess when we look at the House of Lords...

Merryoldgoat · 19/04/2024 20:14

What an absolute thicko deluxe.

MidnightPatrol · 19/04/2024 20:12

BIossomtoes · 19/04/2024 19:57

It’s not even close to true. The UK doesn’t get into the top 15 countries.

Show quote history

Nope, fourth according to Wikipedia. And the Finnish one in number 3 is an outlier in it being so niche.

https://en.m.wikipedia.org/wiki/List_of_countries_by_tax_rates

Organise by personal tax, highest marginal rate. And this doesn’t include the loss of childcare subsidies - just the rate over £100k.

List of countries by tax rates - Wikipedia

https://en.m.wikipedia.org/wiki/List_of_countries_by_tax_rates

Uricon2 · 19/04/2024 20:09

TBH @DistinguishedSocialCommentator could tell me that rain is wet and I'd go outside to check at this point.

Penguinmouse · 19/04/2024 20:01

You can whip yourself into hysterics thinking Labour are going to tax people at 98% but under this current Tory government, the tax burden is currently the highest it’s ever been since WW2 so maybe worry about that instead.

BIossomtoes · 19/04/2024 19:57

Dymaxion · 19/04/2024 19:43

I think we have the second highest tax rate on earth at present, due to the £100k limit.

And that has happened whilst under a Conservative government, who have had 14 years to do something about it, had they wanted to. The reality is everyone is paying a lot of tax, income tax is only one form of tax the Government collects from the population.

It’s not even close to true. The UK doesn’t get into the top 15 countries.

Dymaxion · 19/04/2024 19:43

I think we have the second highest tax rate on earth at present, due to the £100k limit.

And that has happened whilst under a Conservative government, who have had 14 years to do something about it, had they wanted to. The reality is everyone is paying a lot of tax, income tax is only one form of tax the Government collects from the population.

leamington66 · 19/04/2024 19:42

frankentall · 19/04/2024 18:44

The loss of pension dividend credit wasn't the sole cause even though Brown haters love to pretend it was.

Show quote history

evidence?

DramaLlamaBangBang · 19/04/2024 19:39

OP aren't the Royals doing anything trivial today that you can gush endlessly about?

StMarieforme · 19/04/2024 19:31

KestrelMoon · 19/04/2024 17:06

I can’t believe Rishi was saying he was going to get rid of PIP in return for giving people medical treatment. How? Medical treatment isn’t meant to be instead of PIP- despite the fact that many are being forced to use to to pay for long term therapy that the NHS should be providing for free. PIP is meant to cover the extra costs of being disabled, estimated at around £930 a month on average despite full PIP being less than that.

Because he thinks all disabled people are workshy and/ or worthless.
He also seems to think that people get signed off sick, to cope on SSP, on a whim. SSP is £109 per week. So yeah, sure, people get signed off a full time wage to get £109. It's the same mindset that Tory MPs think that we buy cheap T Shirts from Primark then throw them away after 1 wear. They really think that.
I truly despair.

EffortlesslyInelegant · 19/04/2024 18:50

DameKatyDenisesClagnuts · 19/04/2024 18:46

Becoming more convinced by the day that the OP is Liz Truss

In a world of overheated madness this is one of the few things that actually makes sense Grin

passtheajax · 19/04/2024 18:49

Eeee, you're such a daftie OP 😂😂😂

DameKatyDenisesClagnuts · 19/04/2024 18:46

Becoming more convinced by the day that the OP is Liz Truss

frankentall · 19/04/2024 18:44

leamington66 · 19/04/2024 18:14

That's funny. The pension scandal of 1991 is the cause of the end of final salary scheme pensions rather than the taxing of dividends of the shares owned by the schemes in 1997.

To put it in perspective in 1997 UK Pension funds owned half of all UK equities, now it is 4%. The end of the Final Salary Schemes affected millions of workers and the loss of the investment in British companies harmed many more.

Show quote history

The loss of pension dividend credit wasn't the sole cause even though Brown haters love to pretend it was.

onwardsup4 · 19/04/2024 18:36

BIossomtoes · 19/04/2024 17:08

At it again I see @DistinguishedSocialCommentator. You really do post some ridiculous nonsense.

Ohh it's them, okay.

seafronty · 19/04/2024 18:34

DistinguishedSocialCommentator · 19/04/2024 15:01

And the other day one of the Labour lot let slip taxing pensioner more than others

A bit of Labour what they say and do - the 98% tax

You an Google the 98% tax if you dont want to read the link

AIBU not to trust the Labour lot just like I dont trust the Tories

https://www.adamjwalker.co.uk/business/are-you-ready-for-labours-tax-bombs/

I'm astounded that your vote counts the same as someone with a functional brain. What a broken system.

leamington66 · 19/04/2024 18:14

frankentall · 19/04/2024 18:03

Gordon Brown's end to pensions tax dividends is massively exagerated as a cause of private pension contractions - but they forget all the pension scandals that led to a much more rigorous regime in general rather than the previous wild west.

That's funny. The pension scandal of 1991 is the cause of the end of final salary scheme pensions rather than the taxing of dividends of the shares owned by the schemes in 1997.

To put it in perspective in 1997 UK Pension funds owned half of all UK equities, now it is 4%. The end of the Final Salary Schemes affected millions of workers and the loss of the investment in British companies harmed many more.